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Smart Elevator Market By End-Use (Residential, Commercial, Healthcare & Institutional, Industrial) - Growth, Future Prospects, And Competitive Analysis, 2017 -2025

Overview:

The combination of a rising population, an improving standard of living, and rapid urbanization have collectively increased the number of tall buildings and skyscrapers. This has consequently triggered demand for safe and convenient vertical modes of transportation. In view of government mandates, elevator manufacturers are continually focusing on building technologically advanced, energy-efficient, and safe variants. Smart elevators are enabled with state-of-the-art digital security systems and automated traffic management units, which reduce the waiting time of customers and allow faster travel between floors of a high-rise or multi-story building. Thus, the benefits offered by smart elevators in terms of waiting time, elevator traffic control, and security owing to integrated access control features are driving their adoption across residential, commercial, industrial, and institutional end-use segments. On the contrary, high purchase costs and the complexities involved in installation are a few challenges deterring market growth.

Key Trends Shaping Market Demand:

  • Revival of the construction industry and rapid growth in urbanization
  • Improved features are offered, including reduced waiting time, security,
  • Green infrastructure will provide enormous growth opportunities.
  • Developments in sensor and security technologies bode well for market growth.

The research study titled "Global Smart Elevator Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" offers strategic insights into the global smart elevator industry along with the market size and estimates for the duration of 2015–2025. The said research study covers an in-depth analysis of market segments based on service type, end-use application, and a cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2016 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities. In addition, the report includes a section providing insights into the key trends followed in the market.

The report also includes competitive profiling of the leading smart elevator vendors, their business strategy analysis, market positioning, and key developments to assist strategic decision-makers. Some of the major players profiled in the report are Bosch Security Systems, Hitachi Ltd., Honeywell International Inc., Otis Elevator Company, Mitsubishi Electric Corporation, Kone Corporation, Hyundai Elevator Co., Ltd., Johnson Controls Inc., Schneider Electric SA, Schindler Group, Fujitec Co., Ltd., and ThyssenKrupp Elevator. Apart from the company profiles, the report includes a section covering the competitive landscape, wherein the market positioning of the companies is discussed. The section also provides an overview of the key business strategies employed by the leading market participants.

The global smart elevator market is classified into the following categories:

  • By Service Type
    • Purchase and Installation
    • Upgrade (Modernization)
    • Maintenance
  • end-use application
    • Residential
    • Commercial
    • Healthcare & Institutional
    • Industrial

By Region

  • North America
      • The U.S.
    • rest of North America
  • Europe
      • The U.K.
      • Germany
      • France
    • Rest of Europe
  • Asia-Pacific (APAC)
      • India
      • China
      • Japan
    • Rest of APAC
  • Rest of the World
      • Latin America
    • Middle East and Africa

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the global smart elevator industry
  • Comparative analysis for different segments for the years 2016 and 2025
  • Market fuelers, market impediments, and their impact on market growth
  • In-depth competitive environment analysis, including the positioning of market players and their business strategy analysis
  • Trailing 2-year market size data (2015–2016)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global smart elevator market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.

On the basis of end-use, the smart elevator market is categorized into the following segments:

  • Residential
  • Commercial
  • Institutional
  • Industrial

In the base year 2016, residential and commercial segments represented two prominent end-use segments in the global smart elevator market. The ever-rising population, improving standard of living, rapid urbanization, and consequent increase in the number of tall buildings and skyscrapers, especially in emerging economies like the Asia Pacific, Latin America, and the Middle East, are expected to drive new installations of smart elevators in the residential segment. The revenue in the residential segment of developed economies is expected to be driven by the modernization and maintenance of existing elevators. On the other hand, the commercial segment is expected to witness strong growth over the forecast period of 2017–2025. The commercial segment covers smart elevators used in restaurants, hotels, commercial complexes, business buildings, and schools, among others. The economic development resulting in the growth of commercial real estate is expected to drive demand for smart elevators in the commercial segment.

On the basis of geography, the global smart elevator market is segmented into the following regions and countries:

  • North America
    • U.S.
    • rest of North America
  • Europe
    • U.K.
    • France
    • Germany
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Rest of the World
    • Latin America
    • Middle East and Africa

As of 2016, North America, comprising the United States and Canada, represents the largest smart elevator market, followed by Europe and Asia Pacific, respectively. The region accounted for over 37% of the global smart elevator market's revenue in the same year. The combination of stringent energy efficiency mandates, growing security concerns, the presence of well-established infrastructure, and relatively greater penetration and acceptance of technology bodes well for market growth in developed economies, including North America and Europe. In addition, the modernization of aging elevators and the rising popularity of vertical transportation systems are expected to further support market demand in these regions. On the other hand, Asia-Pacific is presumed to register maximum growth during the forecast period of 2017–2025. The anticipated growth in the region is expected to be driven by rapid urbanization and an increased government focus on building smart infrastructure.

Frequently Asked Questions: 

The market for Smart Elevator is expected to reach XX Bn in 2025.

The Smart Elevator market is expected to see significant CAGR growth over the coming years,at 12.7%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Hitachi Ltd.,Bosch Security Systems,Otis Elevator Company,Honeywell International Inc.,Mitsubishi Electric Corporation are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Oct 2017
Category:  Technology & Media
Report ID:   58741
Report Format:   PDF
Pages:   120
Rating:    4.7 (70)
Delivery Time: 24 Hours to 48 Hours   
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